Adobe Beats The Street; Q2 Revenue Up 9 Percent To $1.02 Billion

Adobe reported strong second quarter earnings at market close today, posting revenue of $1.023 billion, up 9 percent year over year. The Company says revenue came in at the higher range of its targeted revenue range of $970 million to $1.020 billion.

GAAP diluted earnings per share grew 61 percent year-over-year to $0.45. Non-GAAP diluted earnings per share grew 25 percent year-over-year to $0.55, beating analyst expectations of $0.51 per share.

Non-GAAP net income grew 20 percent to $279.9 million in the quarter and cash flow from operations was $389.3 million.

Shantanu Narayen, president and CEO of Adobe, said in a statement: Our strong Q2 performance demonstrates our strategy of enabling users to make, manage and measure great digital experiences is resonating with our customers.

In terms of specific groups within Adobe, digital marketing arm Omniture achieved record revenue, with client bookings up over 20 percent. Adobe’s Enterprise segment revenue grew 34 percent year-over-year and Acrobat achieved 17 percent year-over-year growth.

For the third quarter of fiscal 2011, Adobe is targeting revenue of $1 billion to $1.050 billion and is projecting 10 percent revenue growth in fiscal year 2011.